I do not trade BTCUSD so oftten . However I can not keep my eyes closed to this instrument.
I will try to make a simple technical analysis and I will enter a trade accordingly .
BTCUSD Trend :
We have a strong bullish markets. The price bounced from the reversal zone formed by the top border of the price channel and 3500.00 resistance level . Then the market broke the first Fibonacci Resistance @ 3.300 . And this was a signal for further downward movement to lower support levels. Secon Fibo level was 3130 and price tested this level and reacted upside. And BTCUSD price came to 23.60 Fibonacci level.
This looks like a desicion zone. If BTCUSD bounces back from here , price will go towards Fibo 50% ( 3.050 ) and 61.80% ( 2950 USD )
So I will enter a short trade with the few hours closings below 3.300 USD. My TP 1 will be 3050 and TP 2 2950 . Then I will enter a long trade for sure .
If the price closes above 3.300 I will enter LONG trade targeting 3.500 USD.
Then as you will see on the H4 Chart ; there are two Fibonacci Extension levels 50% at 3580 and 61.80 at 3700 .
But , if you ask me what to do now . I would tell you enter LONG BTCUSD @3.300 and target 3.700 .
I will try to make a simple technical analysis and I will enter a trade accordingly .
BTCUSD Trend :
We have a strong bullish markets. The price bounced from the reversal zone formed by the top border of the price channel and 3500.00 resistance level . Then the market broke the first Fibonacci Resistance @ 3.300 . And this was a signal for further downward movement to lower support levels. Secon Fibo level was 3130 and price tested this level and reacted upside. And BTCUSD price came to 23.60 Fibonacci level.
This looks like a desicion zone. If BTCUSD bounces back from here , price will go towards Fibo 50% ( 3.050 ) and 61.80% ( 2950 USD )
So I will enter a short trade with the few hours closings below 3.300 USD. My TP 1 will be 3050 and TP 2 2950 . Then I will enter a long trade for sure .
If the price closes above 3.300 I will enter LONG trade targeting 3.500 USD.
Then as you will see on the H4 Chart ; there are two Fibonacci Extension levels 50% at 3580 and 61.80 at 3700 .
But , if you ask me what to do now . I would tell you enter LONG BTCUSD @3.300 and target 3.700 .
Trade active:
H4 Chart : MAs and BB Mid Channel act as a resistance...